emissions market Articles
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Offsets in the international emissions market: Do buyers get what they pay for?
This paper analyses buyer preferences in the context of the market for emissions trading under the UNFCCC. The purpose of this paper is to investigate pricing of offsets (Certified Emissions Reductions or “CERs” under the UNFCCC) (through an empirical survey of two segments of the authorized CER buyer market) to understand the relationship between buyer preferences for CER carbon offsets in the ...
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Orchestra of Treaties: A Future Climate Regime Scenario with Multiple Treaties among Like-minded Countries
The Orchestra of Treaties scenario emerges if countries share the following principles for re-building the climate regime (1) recognize the sovereignty concerns attending energy policies, (2) build upon national interests in technology and development, (3) avoid conflicts and enhance cooperation by appropriately framing core issues, and (4) address not only short-term emission cuts but also ...
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Market structure and the enforcement of emissions taxes
This paper presents a theoretical analysis of the nature of an optimal emissions tax when firms’ emissions are not perfectly observable, specifically in two types of market structure: perfect competition and Cournot competition with and without free market entry. The purpose is to examine how the optimal tax is affected by enforcement costs and the market structure. We find that market ...
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Iran's Emissions Management
Iran’s car market is experiencing a period of sustained, rapid growth. Global Emissions Management examines the market, and looks at the environmental impact and the implications for emissions control in the country. To view the full article click here (PDF - 481KB) ...
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Global CO2 emissions and unilateral action: policy implications of induced trade effects
Unilateral action to combat an international externality such as CO2 emissions produces efficiency losses through spill-over effects of carbon emission constraints on international markets. Emissions by non-participating countries may be increased through the relocation of energy-intensive production or reductions in the international oil price (so-called carbon leakage). Grandfathered emission ...
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Tourism in Croatia between the two world wars: the Dubrovnik district case
By exploring the archive records and the relevant literature from a historical perspective, this paper perceives the development of tourism in Croatia in the Interbellum. With the loss of the emissive Austro-Hungarian market after 1918 and within the frame of the smaller and poorer market of the newly formed Kingdom of Serbs, Croats and Slovenes, service industries in the Dubrovnik district ...
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A Comparison of Emission Taxes and Permit Markets for Controlling Correlated Externalities
This paper provides an answer to the question: Are emission taxes an efficient and self-enforcing mechanism to control correlated externality problems? By “correlated externalities” we mean multiple pollutants that are jointly produced by a single source but cause differentiated regional and global externalities. By “self-enforcing” we mean a mechanism that accounts for the endogeneity that ...
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Market Power with Interdependent Demand: Sale of Emission Permits and Natural Gas from Russia
With implementation of the Kyoto Protocol, Russia will most likely be able to exert market power in the emission permit market. But, as Russia is also a big exporter of fossil fuels, the incentives to boost the permit price may be weak. However, a significant share of Russia’s fossil fuel exports is natural gas. If a high permit price boosts the demand for natural gas through substitution from ...
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Modelling an international market of CO2 emission permits
Many regions, e.g. countries, have developed energy-economy models (such as MARKAL-MACRO, MM) to assess their energy policies, in particular concerning the curbing of their carbon dioxide CO2) emissions. To integrate regional MM models, we propose a multiregional MARKAL-MACRO (mMM) model. It enables one to study international cooperation to curb jointly CO2 emissions through a market of emission ...
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The Canadian Regulatory Framework for carbon trading: Sailing away from consensus while waiting for the U.S. Federal Scheme
There is a lot of controversy on Parliament Hill in Canada regarding the greenhouse gas policy to be enacted. It is very difficult to assess the latest proposed framework without suggesting a political view or without analysing the economic context of Canadian actors involved in the emissions trading market. The purpose of this article is to briefly articulate the main controversial issue of said ...
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The nature of the right or interest created by a market for forest carbon
Increasingly, the global community is recognizing the need to engage the forest sector as a critical tool to mitigate global warming. A significant opportunity for this sector is the emerging global greenhouse gas emissions trading market. Yet, for forests to be included effectively in emissions trading markets, the nature of the legal rights in forestbased greenhouse gas reductions should be ...
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Border tax adjustments and emissions trading: the implications of international trade law for policy design
Border tax adjustments offer a means of addressing the competitiveness impacts of rigorous emissions policies, though their status under international trade law is unclear at best. The legality of border adjustments for energy taxes has long been an unsettled question, and the legal uncertainties only multiply when the concept is extended to an emissions trading scheme. Designing a mechanism to ...
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The impact of energy security on Australia's international relations
In this speech, the opposition minister for foreign affairs and trade discusses the key issues facing Australia's energy security. He notes Australia's position as a net energy exporter, the need for rational approaches to reducing climate change, and the possibility of nuclear power as an alternative source of energy. He emphasised the need for international cooperation in dealing with these ...
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Designing emissions trading programs in Canada: the implications of market power on economic and environmental outcomes
Environmental policy often assumes that firms will participate in a competitive emissions trading market to cost-effectively achieve their emission reduction constraint. Indeed, the competitive market assumption is central to the notion that emission trading is the least-cost management option to achieve an environmental objective. This paper uses two optimisation models based on marginal ...
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Estimation of CO2 shadow price in Chinese provinces: an output distance function approach
As the low–carbon issue become increasingly critical in the world. The marginal abatement cost (shadow price) of CO2 emission is a determinant in the carbon emissions trading market. This paper estimates the CO2 shadow price of different Chinese provinces based on the parametric approach: the output distance function. The results show that the average CO2 marginal abatement cost is 1.8 Y/T (0.28 ...
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Proposed Revised Guidelines for the DOE 1605(b) Registry
Introduction On December 5, 2003, the Department of Energy proposed revisions to the DOE 1605(b) registry, which is a voluntary, national greenhouse gas (GHG) i registry. The registry was originally established through Section 1605(b) of the Energy Policy Act of 1992, which directed the DOE to develop a voluntary GHG reporting program. The program guidelines were initially issued in 1994 and ...
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Australian emissions trading scheme review
The Garnaut Climate Change Review’s approach to mitigation was initially set out in the Interim Report in February 2008. This paper focuses on the key role for an emissions trading scheme (ETS) in those mitigation efforts. It recommends an approach for Governments to consider in developing and delivering an effective ETS. Further consideration, informed by detailed economic modelling, will be ...
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Market forces and the need to design for the environment
This paper has three sections: Part I, Green House Gas emissions and environmental impacts as driven by the market; Part II, Design for Environment (DfE), designing to reduce environmental impacts with a set of rules for DfE; and Part III, toxic substances to be avoided in design. All three parts must be addressed by the EcoDesigner in any design situation. The ecodesigner cannot control market ...
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Forecast: Brazil - national climate change plan
Law 12.187 of 29 December 2009 institutes the National Climate Change Policy of Brazil. While debate rages on over whether or not Copenhagen was effective, Brazil has taken a meaningful step to reduce its projected greenhouse gases (GHGs) emissions by approximately 37% by 2020. Much of this reduction will come from cuts in deforestation rates. In addition, projected anthropogenic emissions will ...
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Weak-form efficiency of European Union emission trading scheme – evidence from variance ratio tests
In this paper, we applied single period and multiple period variance ratio (VR) tests to European Union allowance (EUA) spot and futures data since their availability in June 2005 and April 2005 respectively up to the end of January 2010. Comparing Phase 1 (2005-2007) and Phase 2 (2008-2012), we find that the products traded in Phase 2 show weaker rejection against the random walk hypothesis than ...
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